A word from Jean-Marc Saugier

Fiscal stimulus measures and a recovery in global demand have supported expectations of a return to growth. Near-term economic outlook remains clouded by uncertainty about the resurgence of the Covid-19 pandemic and the roll-out rhythm of vaccination campaigns. 

In the United States, the Federal Reserve confirmed that its asset purchase program was maintained at $120 billion per month and would remain in place 

until substantial further progress has been made toward employment and price-stability goals. 

The European Central Bank maintained its purchases under the Pandemic Emergency Purchase Programme (PEPP) and continued to provide liquidity to the banking system through its targeted long-term refinancing operations (TLTROs) (1), which will remain available until December 2021. 

In the absence of growth in the commercial portfolio, funding needs remained modest and the group took a number of initiatives to reduce its liquidity reserve, which had reached an all-time high at end-2020. In this context, RCI Banque did not issue on the bond market and sought to slow the growth in customer deposits, which nevertheless grew by €0,6 billion since December to reach €21,1 billion (representing a growth of +3% compared with +15% in 2020). To diversify its funding sources, in July the group rolled out its savings business in the Netherlands through the fintech Raisin. 

To prepare for the future, we renewed and upsized our retained securitization in Italy from €1.4 billion to €1.8 billion. We also set up a new private securitization program to refinance the residual values of finance leases in France. This program, which is currently used for a symbolic amount, can be increased and represents a potential new source of secure financing for the company. 

At 30 June 2021, RCI Banque’s liquidity reserve (Europe scope) stood at €16.0 billion and provides a  high level of financial security. 


RCI Bank and Services benefits from diversified sources of funds and a high liquidity reserve ensuring its solid financial security.